Shares of Pandora Media Inc. gained 8.6% in after-hours trading Wednesday after the company reported better-than-expected results for its fourth quarter. Pandora reported a net loss of $44.7 million, compared to $90 million a year earlier. On a per-share basis, the company lost 21 cents, whereas it lost 38 cents a year ago. The adjusted net loss was 21 cents, compared to 13 cents a year ago and expectations for a 7-cent loss. Pandora posted revenue of $395.3 million, up from $392.6 million a year ago and ahead of expectations for $375.8 million. Listener hours fell to 5.03 billion during the quarter, from $5.38 billion a year earlier. The company said it had a combined total of 5.48 million paying subscribers for its Pandora Plus and Premium products. “From launching on-demand for our ad-supported listeners to expanding multiple device partnerships in the last quarter alone, we’re building a strong foundation for audience growth and improved monetization,” CEO Roger Lynch said in a release. Shares fell 8.6% during the regular session Wednesday and they’re down 63% over the past 12 months. The S&P 500 Index has gained 14% in that time.
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